Inc.’s liabilities include the following: Accounts payable 500,000 Held for trading securities 1,000,000 Note payable (P1M due in 2022) 2,800,000 Unearned revenue 300,000 Dividends payable 800,000 Deferred tax liability 200,000
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V Inc.’s liabilities include the following:
Accounts payable 500,000
Held for trading securities 1,000,000
Note payable (P1M due in 2022) 2,800,000
Unearned revenue 300,000
Dividends payable 800,000
4. Compute the total current liabilities to be reported in the 2021
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- Frost Company has accumulated the following information relevant to its 2019 earningsper share. 1. Net income for 2019: 150,500. 2. Bonds payable: On January 1, 2019, the company had issued 10%, 200,000 bonds at 110. The premium is being amortized in the amount of 1,000 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 3. Bonds payable: On December 31, 2017, the company had issued 540,000 of 5.8% bonds at par. Each 1,000 bond is currently convertible into 11.6 shares of common stock. To date, no bonds have been converted. 4. Preferred stock: On July 3, 2018, the company had issued 3,800 shares of 7.5%, 100 par, preferred stock at 108 per share. Each share of preferred stock is currently convertible into 2.45 shares of common stock. To date, no preferred stock has been converted and no additional shares of preferred stock have been issued. The current dividends have been paid. 5. Common stock: At the beginning of 2019, 25,000 shares were outstanding. On August 3, 7,000 additional shares were issued. During September, a 20% stock dividend was declared and issued. On November 30, 2,000 shares were reacquired as treasury stock. 6. Compensatory share options: Options to acquire common stock at a price of 33 per share were outstanding during all of 2019. Currently, 4,000 shares may be acquired. To date, no options have been exercised. The unrecognized compens Frost Company has accumulated the following information relevant to its 2019 earnings ns is 5 per share. 7. Miscellaneous: Stock market prices on common stock averaged 41 per share during 2019, and the 2019 ending stock market price was 40 per share. The corporate income tax rate is 30%. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Indicate which earnings per share figure(s) Frost would report on its 2019 income statement.Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.MC21. Bay Corporation trial balance included the following account balances at December 31, 2021: Accounts payable - P4,500,000; Bonds payable, due December 31, 2022 P7,500,000; Discount on bonds payable - P900,000; Notes Dividends payable on January 31, 2022 - P2,400,000; payable due January 31, 2025 - P6,000,000. How much is included in the current liabilities section of Bay Corporation's December 31, 2021 statement of financial position?
- Lunar Corp. provided the following information on December 31, 2021: .P 550,000 Accounts payable... Notes payable, 8% unsecured, due on July 1, 2023. Accrued expenses.. 4,000,000 350,000 450,000 Contingent liabilities.. Deferred tax liabilities... Bonds payable, 7% due on December 31, 2022. Premium on bonds payable.... 250,000 5,000,000 500,000 The contingent liability is an accrual for possible loss on a P 1,000,000 lawsuit filed against Solar Corp. The legal counsel expects the suit to be settled in 2022 and has estimated that the entity will be liable for damages in the range of P 450,000 to P 750,000. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2022. What is the total amount of current liability that should be shown in Solar Corp.'s December 31, 2021 statement of financial position? -10. Powell Corporation includes the following selected accounts in its general ledger at December 31, 2025: View the selected accounts. Prepare the liabilities section of Powell Corporation's balance sheet at December 31, 2025. Plus: Total Liabilities Powell Corporation Balance Sheet (Partial) December 31, 2025 Selected Accounts - ☑ Notes Payable (long-term) 55,000 Bonds Payable (long-term) 215,000 Interest Payable (due next year) Sales Tax Payable $ 780 640 Accounts Payable 20,000 Premium on Bonds Payable 5,950 Salaries Payable 1,840 Estimated Warranty Payable 1,000 Print DoneOn December 31, 2019, the bookkeeper of Tiger Company provided the following information: What is the total current liabilities on December 31, 2019? * Accounts payable, trade Dividends payable 3,600,000.00 600,000.00 Withholding tax payable 185,000.00 Notes payable, including note payable on bank due Dec 2024 of P200,000 1,800,000.00 Bank overdraft 300,000.00 Accrued interest on bonds payable 125,000.00 Bonds Payable,6% 5,000,000.00 Stock dividends payable 140,000.00
- With the stated information provided by Clover Inc as at Dec 31, 2021, prepare long-term liabilities section of its balance sheet in proper format: Bonds Payable which was due on 2025 =$900,000 Notes payable which was due on 2023=$85,000 Discount on Bonds payable=$30,000Cute Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Required: Compute for the current liabilities as of December 31, 2021GE Presented here are long-term liability items for Marin Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 78,000 28,000 Prepare the long-term liabilities section of the balance sheet for Marin Inc. MARIN INC. Balance Sheet (Partial) $
- Preparing a Debt Disclosure As of December 31, 2020, Dole Company’s long-term debt consisted of the following: $146,050—Unsecured note payable to bank due 2021. $517,500—Unsecured note payable to bank due 2023. $690,000—Unsecured note payable to bank due 2025. $103,500—Secured mortgage payable to bank due in equal installments 2021 through 2025. $184,000—Secured note payable to bank due in 2026. Prepare the required financial statement disclosure at December 31, 2020, indicating the amounts due in each of the next five years and thereafter. NotePayable Year 12021 Year 22022 Year 32023 Year 42024 Year 52025 Thereafter $146,050 Answer Answer Answer Answer Answer Answer 517,500 Answer Answer Answer Answer Answer Answer 690,000 Answer Answer Answer Answer Answer Answer 103,500 Answer Answer Answer Answer Answer Answer 184,000 Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer AnswerPresented here are long-term liability items for Shamrock, Inc. at December 31, 2022. Bonds payable (due 2026) Notes payable (due 2024) Discount on bonds payable $720,000 VI 75,000 22,000 Prepare the long-term liabilities section of the balance sheet for Shamrock, Inc. SHAMROCK, INC. Balance Sheet (Partial)Tori Vega and Company had the following liabilities as of December 31, 2021: Accounts Payable of P55,000; Unsecured Notes, 9%, due 7/1/2022 of P400,000; Accrued Expenses of P35,000; Contingent Liability of P450,000; Deferred Tax Liability of P25,000; and Senior Bonds, 7%, due 3/31/2022 of P1,000,000. The contingent liability is an accrual of possible loss on a P1,000,000 lawsuit filed against the entity. The legal counsel expects the suit to be settled in 2020 and has estimated that the entity will be liable for damages in the range of P450,000 to P750,000. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2023. Required: Prepare the notes to the financial statements labeled “Current Liabilities”